Transcript

00:00:01

>> You could be mistaken for thinking union bosses had already been told what was in France's highly anticipated labor reform plan, as they headed into a meeting with the French Prime Minster. It was he who fronted media afterwards.>> Our goal is simple, it aims to favor job creation by giving more security and visibility to entrepreneurs in their decision to hire, and more guarantees to employees.

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>> In other words, French companies with fewer than 50 employees will have more flexibility to adapt pay and working hours, and can directly negotiate with workers. A cap will also be placed on unfair dismissal payouts, angering unions who say it severely weakens employee power.>> It's the end of the employment contract, meaning that tomorrow if you have a deal with the firm, it's either you agree or you're fired.

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Your employment contract no longer exist.>> France's unemployment rate sits at 9.5%, double that of other big European economies. The pro-business reforms are the first major test for French President Macron, who's already facing waning popularity. There's been weeks of protests leading up to the announcement, another is planned for September 12th.

00:01:15

But there's little room for more negotiation. Macron plans to push the bill through by decree, after winning parliament's support to do so. More discontent could follow, budget and pensions are next on the chopping block.